Market Trends of Coated Fabric Industry
Increasing Demand form Automotive Sector
- The automotive-coated fabric is used in automobiles to improve the interior's aesthetics and design. The materials used to coat the cloth include PVC, resins, polymers, rubber, oil or varnish finishes, lacquer, etc.
- The automotive-coated fabric used in automobiles is anti-corrosive, water-resistant, rot-proof, UV-resistant, and oil-repellent. The majority of automakers use coated fabric owing to its environmental benefits, remarkable design, low emissions, good looks, better touch, and long lifespan, among others.
- The demand for polymer-coated fabric, largely utilized in automobile seat covers, soft tops, airbags, and the interiors of light vehicles, etc., is expected to increase as global automotive output and per-capita disposable income rise.
- In the first three quarters of 2022, around 50 million passenger cars were manufactured worldwide, up nearly 9% compared to the same quarter in 2021, as per the European Automobile Manufacturers' Association (ACEA) report.
- Further, according to the China Association of Automobile Manufacturing, the production of New Energy Vehicles in the country witnessed a year-on-year increase of 96.9 percent in December 2022. thus boosting market growth significantly.
- Therefore, with the rising automotive production, the demand for coated fabric in the automotive industry is expected to drive the market during the forecast period.
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Asia-Pacific Region to register the Fastest Growth
- During the next few years, the Asia-Pacific region is expected to be the biggest market for coated fabric.In countries like China and India, the growth of industries like automotive, furniture, protective clothing, and others is expected to drive the coated fabrics market in the region.
- The demand for protective clothing is rising as a result of more strict government regulations in the region for protection against heat, chemicals, biological contaminants, etc., which are important for routine work life.
- With the region's expanding food processing, chemical processing, law enforcement, defense, and medical sectors, the demand for protective clothing is expected to rise, thus boosting the market's growth.
- Furthermore, coated fabric is used widely in automobiles to enhance the texture and appearance of the vehicle interior. As a result, the need for polymer-coated cloth is likely to grow along with rising automobile manufacturing.
- According to the China Association of Automobile Manufacturers (CAAM), China had the largest automotive production base in the world, with a total vehicle production of 27 million units in 2022, registering an increase of 3.4 percent compared to the 26 million units produced last year.
- Further, in the first 7 months of 2022, the country produced 14.57 million units of cars, registering a growth rate of 31.5% year over year.
- Thus, owing to the above-mentioned factors, the demand for coated fabric in the region is expected to grow significantly during the forecast period.
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